Mayor Susan Shin Angulo and Council President David Fleisher are pleased to announce Cherry Hill Township maintained its AAA bond rating from Moody’s Investor Service, the highest possible. Cherry Hill is one of just 24 municipalities in New Jersey, and the only one in Camden County, to currently hold the rating.
In issuing the rating Thursday, Moody’s analysts cited multiple factors that contributed to its decision, including the Township’s large tax base with above-average incomes, strong financial position and its favorable location near Philadelphia.
Moody’s analysts also found the ongoing pandemic has not had a material impact on the Township’s credit quality, and looking forward, the Township’s tax base and finances remain strong despite the challenges of Covid-19.
“Cherry Hill’s strong financial position and ongoing fiscal responsibility have been among a top priority since I took office two years ago, goals that became all the more important as the pandemic hit and we faced an uncertain future. The latest AAA bond rating shows that our efforts have been effective, allowing the Township to continue to make meaningful investments in our neighborhoods, roads, public safety, recreational facilities and other critical Township services,” said Mayor Susan Shin Angulo. “Best of all, we’ve been able to do this while keeping the municipal portion of property taxes flat for the 10th year in a row.”
The Aaa rating was first secured in 2020 during Mayor Susan Shin Angulo’s first year in office. Since the rating allows the Township to secure the lowest interest rates offered to municipalities, it can result in significant savings of tax dollars.
“Township Council and I remain dedicated to the smart financial management that has helped us keep Cherry Hill affordable while providing top-notch quality of life for residents,” said Council President David Fleisher. “This is great news for everyone who lives, works or plays in Cherry Hill. A strong credit rating is vital to our Township’s financial health, and will have a substantial impact in our ability to plan for Cherry Hill’s long-term success.”
This past September, Township Council adopted the FY 2022 budget that included no increase to municipal taxes, marking a full decade since municipal taxes have increased. The budget also included $15.4 million in capital improvements that are funded through the bond process, such as funding the annual road maintenance program, upgrading parks and recreation facilities, and sewer improvements. It also included new traffic safety equipment, as well as funding for sports courts resurfacing and upgrades to the Township’s trail system.